Financial Performance - The company reported revenue of HKD 1,047,591,000 for 2024, a decrease of 1.9% from HKD 1,061,755,000 in 2023[3]. - Loss attributable to shareholders for 2024 was HKD 94,836,000, significantly improved from a loss of HKD 655,881,000 in 2023[3]. - The total asset value as of December 31, 2024, was HKD 10,118,632,000, down from HKD 10,534,179,000 in 2023[3]. - The company generated total income of HKD 743,000,000 from its investment properties in the US, a decrease from HKD 868,000,000 in 2023[13]. - The company's rental income decreased to HKD 571,508,000 in 2024 from HKD 678,760,000 in 2023, primarily due to the sale of several US investment properties since the second half of 2023[19]. - Property sales increased to HKD 293,413,000 in 2024 from HKD 185,804,000 in 2023, attributed to a development project in Brooklyn, New York[19]. - Total operating expenses decreased to HKD 530,352,000 in 2024 from HKD 601,739,000 in 2023, mainly due to the sale of US investment properties[20]. - The fair value loss on investment properties and assets classified as held for sale was HKD 256,000,000 in 2024, a significant improvement from a loss of HKD 997,000,000 in 2023[24]. - The company's cash resources decreased to HKD 374,000,000 in 2024 from HKD 456,000,000 in 2023, primarily due to the repayment of several mortgage loans[29]. - Financial expenses related to loans decreased by HKD 70,000,000 to HKD 330,000,000 in 2024 due to the repayment of certain borrowings[27]. - The company recorded interest income of HKD 12,000,000 in 2024, up from HKD 6,000,000 in 2023[25]. - The company reported a distributable reserve of HKD 453 million as of December 31, 2024, up from HKD 286 million as of December 31, 2023, indicating a significant increase of 58.4%[77]. - The board does not recommend the distribution of a final dividend for the year for both convertible preference shares and ordinary shares[70]. Investment and Asset Management - The company plans to continue optimizing its asset portfolio while closely monitoring tenant needs[14]. - The company’s investment properties in Hong Kong generated rental income of HKD 8,000,000, up from HKD 7,000,000 in 2023, with an average occupancy rate of 100%[17]. - The average occupancy rate for investment properties in the US was 73% for 2024[13]. - The company raised a net amount of HKD 179,200,000 from the issuance of 90,278,000 new ordinary shares, aimed at strengthening its financial position and improving liquidity on the Hong Kong Stock Exchange[38]. - As of December 31, 2024, HKD 96,000,000 has been utilized for general operating funds related to the company's U.S. property development projects, with HKD 83,000,000 (46% of the net proceeds) remaining unutilized for real estate investments[39]. - The company plans to allocate approximately USD 10,000,000 to USD 12,000,000 (equivalent to HKD 77,500,000 to HKD 93,000,000) for real estate-related projects in the New York metropolitan area, representing 43% to 52% of the total net proceeds from the placement activities[38]. Employee and Operational Insights - The total employee cost for the year was HKD 85,000,000, a decrease from HKD 91,000,000 in the previous year, with GR Realty accounting for HKD 64,000,000[40]. - The company has 85 employees as of December 31, 2024, down from 88 employees the previous year[40]. - The company sponsored training programs for 85 employees, an increase from 75 employees in the previous year[149]. - The company emphasizes the importance of employee health and safety, maintaining compliance with relevant regulations[137]. - All employees are provided with competitive compensation packages and benefits to enhance retention and motivation[142]. - The company is committed to maintaining a diverse and inclusive workplace, prohibiting any form of discrimination[142]. - 100% of male and female employees received training, with average training hours of 13.1 for males and 4.5 for females[150]. Environmental, Social, and Governance (ESG) Initiatives - The company focuses on enhancing its environmental, social, and governance (ESG) performance, emphasizing responsible service provision, employee welfare, and environmental protection[114]. - The company has identified 23 key environmental, social, and governance (ESG) issues categorized into three themes: responsible employer, responsible service provider, and responsible corporate citizen[130]. - The ESG working group, chaired by an executive director, integrates ESG elements into business operations and reports annually to the board[119]. - The company has established a risk mitigation plan to ensure effective management of identified risks, including ESG-related risks[120]. - Stakeholder feedback is continuously solicited to refine the company's ESG strategies and reporting processes[122]. - The company has implemented a comprehensive human resources policy to attract and retain talent while ensuring compliance with labor laws[142]. Risk Management and Compliance - The company has identified various risks affecting its financial condition and operational performance, including market, foreign exchange, interest rate, liquidity, operational, investment, and business risks[45][46][50][52][54]. - The company has not reported any significant violations of applicable laws and regulations that would materially impact its business operations during the year[43]. - The company has maintained a directors' liability insurance policy to provide appropriate protection against legal claims against directors and their subsidiaries[84]. - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2024, and believes they are prepared in accordance with applicable accounting standards[105]. Sustainability and Environmental Impact - The company aims to reduce gasoline consumption density by 4.5% from the 2021 level (145 liters per capita) by 2030[177]. - The company targets a 14% reduction in paper waste generation density from the 2021 level (13.3 kg per capita) by 2030[177]. - The total greenhouse gas emissions for the reporting period included 2.42 tons of direct emissions (Scope 1) and 66.04 tons of indirect emissions (Scope 2), showing a significant decrease from 60.61 tons and 100.53 tons respectively in 2023[182]. - The average direct (Scope 1) emissions per capita decreased to 0.03 tons in 2024 from 0.70 tons in 2023, indicating improved operational efficiency[182]. - The company has committed to reviewing and potentially revising its environmental targets by 2030 based on operational performance[181]. - The company continues to promote green office practices, such as double-sided printing and recycling initiatives, to minimize waste generation[189].
盛洋投资(00174) - 2024 - 年度财报